（原标题：小鹏X9超级增程，一门关于操控、空间、能耗与成本的极致平衡术） 21世纪经济报道记者何煦阳 报道 初看起来，这的确像是个不可能完成的任务。但小鹏动力系统总负责人顾捷向我们剖析，X9之所以能 在搭载后轮转向和增程系统后，空间利用率甚至做到更高，源于小鹏三个自研的技术： 第一，9合1集成的后桥，将后轮转向、电驱总成、传动轴总成、排气系统等9项技术配置集成在一起， 实现在增加一套增程系统后，空间利用率还能达到95.8%；第二，坚持使用一体化压铸，将167个零件 合一，节省空间还提高了车身的刚度；第三，800V混合碳化硅同轴电驱技术，因为使用高度集成的同 轴架构，体积减少了30%。 而且，因为在材料上选择了混合碳化硅，电驱体积比同级减少了10L，为53L；重量比同级减少了 7.5kg，为84.5kg；可CLTC效率却比同级主驱电机高了1.5%，为93.5%，效率更高，能耗更低。通过三 电和AI技术的突破和极具巧思的布置，超级增程款X9真正实现了"既要，又要，还要"。 产品力的全面升级固然令人佩服，但要实现这一切都离不开一个字——"钱"，而这恰是超级增程款X9 最大的惊喜：在续航、操控、空间、能耗都优于老款X ...

Core Insights - The competition landscape for China's new energy vehicle market is becoming clearer as various automakers disclose their sales data for November 2025, with a focus on efficiency and technological innovation reshaping the industry dynamics [1] Group 1: Sales Performance - Hongmeng Zhixing and Leap Motor both surpassed 70,000 units in deliveries, showcasing over 75% year-on-year growth, significantly widening the gap with traditional leading brands [3] - Hongmeng Zhixing achieved a record delivery of 81,864 vehicles in November, marking a 90% increase year-on-year, with the Aion brand being the main contributor [5] - Leap Motor delivered 70,327 vehicles, maintaining its position as the single brand champion in the new energy vehicle sector, with a 75% year-on-year increase [7] - Xiaomi Auto delivered over 40,000 vehicles, achieving a 100% year-on-year growth, and has exceeded its annual target of 350,000 vehicles [7] - Changan Qiyuan reported 46,909 vehicles delivered, with a 31% year-on-year increase, driven by strong product positioning [9] - NIO delivered 36,275 vehicles, reflecting a 76.3% year-on-year increase, with the ES8 model being a key contributor [10] - Ideal Auto's deliveries were 33,181 vehicles, showing a 31.92% year-on-year decline, attributed to market competition and product transition [12] - Deep Blue Auto delivered 33,060 vehicles, maintaining a steady performance despite market pressures [12] - Zeekr brand achieved 28,843 vehicles delivered, benefiting from improved production efficiency [13] - Lantu Auto reached a new high with 20,005 vehicles delivered, supported by product innovation and manufacturing capabilities [14] - Avita and Zhiji both set new sales records, with 14,057 and 13,577 vehicles delivered respectively, indicating their emergence as stable mainstream brands [16] Group 2: Market Trends and Outlook - The new energy vehicle market is expected to continue its growth in December 2025, driven by seasonal consumption peaks, tax incentives, and promotional activities from automakers [16] - The performance of different brand tiers is anticipated to show significant differentiation, influenced by the delivery rhythm of new models and promotional efforts [16]

在华为松山湖园区古典城堡建筑的衬托下，刚刚完成上市的小鹏X9超级增程版多了几分沉淀感。 12月2日，小鹏与华为宣布，小鹏X9超级增程全球首发搭载华为DriveONE全栈高集成高压油冷发电机， 该发电机也是小鹏鲲鹏超级增程技术的"心脏"。 这是今年双方的第二次正式技术合作。今年的6月，小鹏与华为联合发布车载AR-HUD，并首发搭载于小 鹏G7。 小鹏X9超级增程是小鹏与华为在2024年11月达成全面增程合作后的首款落地产品。华为智能电动产品线 总裁王超表示，促成此次牵手的原因是，二者在增程技术方面的追求有着不谋而合的同步。 据介绍，华为在动力总成方面的研究可追溯至11年前，其在2014 年就已经启动新能源动力相关的技术研 发，2018 年推出国内首款油冷动力总成，2020 年推出首款多合一动力总成，不断进行技术优化后，其 在2024 年发布了首款高压增程产品。 在2024年4月的北京车展上，华为基于DriveONE提出增程与纯电共平台，要造没有"里程焦虑"的电车。 同年，小鹏在科技日上发布了鲲鹏超级电动体系，规划为一款车型支持纯电及增程两种动力形式，以"一 车双能"战略进入增程市场。 将增程对齐纯电用车体验，双 ...

Core Insights - The competitive landscape of new energy vehicle manufacturers in China is undergoing significant changes as Q3 2025 financial reports are released, with Xpeng Motors showing remarkable growth while NIO and Li Auto face challenges [1][2][3] Company Performance - **Xpeng Motors**: Achieved a revenue of 203.8 billion yuan, with a year-on-year growth of 101.8%. Despite a net loss of 3.8 billion yuan, this represents a 79% reduction in losses compared to the previous year. The company delivered 116,007 vehicles, marking a 149.3% increase year-on-year [4][6][8] - **NIO**: Reported a revenue of 217.9 billion yuan, with a year-on-year growth of 16.7%. The net loss was 34.8 billion yuan, a 31.2% reduction from the previous year. NIO delivered 87,701 vehicles, a 40.8% increase year-on-year [4][12][14] - **Li Auto**: Generated a revenue of 274 billion yuan, but experienced a 36.2% year-on-year decline. The company reported a net loss of 6.24 billion yuan, ending an 11-quarter streak of profitability. Vehicle deliveries fell by 39% to over 93,000 units [4][9][11] - **Leap Motor**: Achieved a revenue of 194.5 billion yuan, with a year-on-year growth of 97.2%. The company reported a net profit of 1.5 billion yuan, marking its second consecutive profitable quarter. Leap Motor delivered nearly 174,000 vehicles, a 101.8% increase year-on-year [4][15][16] Strategic Adjustments - The new energy vehicle market is shifting from growth to competition based on product, technology, and brand strength, as companies adapt their strategies to survive in a more competitive environment [3][16] - **Xpeng Motors**: Focused on improving operational efficiency and profitability, launching new models like the X9 Super Range Extender, which aims to address consumer pain points regarding range and charging speed [7][8] - **Li Auto**: Shifted focus towards AI integration in vehicles, moving away from traditional family-oriented branding to emphasize technological advancements [10][11] - **NIO**: Reduced operational costs and refocused on core automotive sales, moving away from previous explorations in other business areas [12][13] - **Leap Motor**: Adjusted its strategy to enter the range extender market and target the high-end SUV segment, while also attempting to elevate its brand image [15][16]

Core Insights - The Chinese automotive market is experiencing a surge in consumer demand due to the upcoming changes in vehicle purchase tax policies, prompting consumers to consider purchasing before the end of the year [1][6][10] - A significant number of new vehicle models have been launched from September to November, with approximately 60 new models introduced, enhancing consumer choices [2][3] - Automakers are implementing aggressive promotional strategies to meet sales targets, with average price reductions in the passenger car market reaching 11.1% in October [3][4] Market Dynamics - The introduction of over 60 new vehicles from various segments, including economy and luxury, has contributed to heightened market activity [2][3] - The sales performance of specific models, such as the MG4 and Zeekr 9X, indicates strong consumer interest and competitive positioning in their respective segments [3][9] - The automotive industry is facing pressure to meet annual sales targets, with many manufacturers reporting completion rates below 60% [4][6] Promotional Strategies - Automakers are leveraging online and offline marketing strategies, including live-streaming events and direct cash incentives, to drive sales [4][10] - The impending adjustment of the vehicle purchase tax policy has led to increased urgency in marketing messages, with dealerships actively promoting the benefits of purchasing before the policy change [7][10] Government and Financial Support - Local governments are providing consumer incentives, such as purchase vouchers, to stimulate demand for both electric and fuel vehicles [10][11] - Financial institutions are enhancing automotive financing options, offering low-interest loans and subsidies to facilitate consumer purchases [11][14] - The collaboration between government, banks, and automakers is expected to create a supportive environment for automotive consumption in the final months of the year [10][14]

Core Insights - The 2025 Guangzhou International Auto Show showcases 93 new car models and 629 new energy vehicles, highlighting the industry's shift towards electrification and intelligence [1][3] - In October, new energy vehicles accounted for over 50% of total car sales for the first time, indicating a significant market trend [3] - The event emphasizes advancements in L3-level autonomous driving and next-generation battery technologies, which are seen as key areas for technological breakthroughs [4][5] New Energy Vehicles - Out of 1,085 vehicles displayed, 629 are new energy models, making up 58% of the total [3] - Notable new energy models include Xiaopeng's X9 Super Extended Range version priced at 309,800 yuan and Leap Motor's D19 Extended Range version with a 500 km pure electric range [3] - The market is witnessing a diversification in demand, with extended range vehicles addressing range anxiety while pure electric vehicles offer lower operating costs [3] Technological Advancements - Huawei's booth was one of the most popular, showcasing its smart driving solutions, including L3-level autonomous driving tests in seven major cities [4] - GAC Group's flagship model, the A800, has begun L3-level highway testing at speeds of 120 km/h, marking a significant milestone in autonomous vehicle testing [4] Battery Technology - SAIC MG introduced the MG4 model featuring semi-solid-state batteries, set for delivery in December [5] - GAC Group announced the production of a pilot line for solid-state batteries, aiming for small-scale trials by 2026 and mass production by 2027-2030 [5] Market Dynamics - Several luxury brands, including Beijing Hyundai and Lamborghini, were absent from the show, indicating a potential decline in competitiveness in the Chinese market [5] - Joint ventures between foreign brands and Chinese tech companies are emerging, with Volkswagen and Xiaopeng collaborating on a new electric SUV featuring L2-level assisted driving [5][6] Collaborations and Innovations - Audi launched the A5L with Huawei's smart driving technology, while BMW and Mercedes are partnering with Chinese tech firms to enhance their models with localized smart features [6] - These collaborations aim to shorten development cycles and quickly adapt to market changes, reflecting a strategic shift among joint venture brands [6]

Core Insights - Xpeng Motors (XPEV.US) saw a stock increase of 1.34% on November 21, followed by a pre-market rise of 2.7%, reaching $20.91 [1] - CEO He Xiaopeng announced at the Guangzhou Auto Show that the Xpeng X9 Super Extended Range version set a record for daily orders, with northern region orders exceeding 50% for the first time [1] - Xpeng plans to launch three new models overseas in 2026, starting with the P7+ [1] - The company celebrated the production of its 1 millionth vehicle, achieving this milestone in just 14 months after the 500,000th vehicle [1] - The first mass production vehicle of Xpeng's land-based aircraft carrier has officially rolled off the production line, indicating the upcoming mass production phase for this model [1] Stock Performance - Closing price on November 21 was $20.36, with a pre-market price of $20.91 on November 24 [1] - The stock experienced a trading volume of 10.52 million shares and a market capitalization of $19.441 billion [1] - The stock's 52-week high and low are $28.235 and $11.140, respectively [1]

Core Insights - The 2025 Guangzhou Auto Show serves as a significant platform for the launch of several key automotive models, including the Xiaopeng X9 Super Range and the Lantu Dreamer Mountain River [1][3]. Group 1: Xiaopeng X9 Super Range - Xiaopeng X9 Super Range is the first range-extended model from Xiaopeng Motors, featuring a combination of a large fuel tank and battery, achieving a CLTC comprehensive range of 1602 km and a pure electric range of 452 km [3]. - The vehicle is equipped with an 800V mixed silicon carbide drive system, achieving a high efficiency of 93.5% under CLTC conditions, and supports ultra-fast charging, allowing for a 313 km range boost in just 10 minutes [3]. - Safety features include a 2000 MPa heat expansion tube in the A-pillar, a large energy-absorbing box in the front, and nine airbags throughout the vehicle [3]. Group 2: Lantu Dreamer Mountain River - The Lantu Dreamer Mountain River is positioned as a "new era flagship four-seat MPV," integrating safety, comfort, and Chinese aesthetics [5]. - It features Huawei's advanced driving assistance system (ADS 4) and a robust safety design with high-strength materials, ensuring comprehensive safety for business elites [5][6]. - The interior is designed for luxury and privacy, with a unique "cloud couch" mode that transforms the seating area into a spacious resting area [6]. Group 3: BYD Models - BYD's Tang L SUV is available in both DM and EV versions, with prices ranging from 21.48 million to 27.48 million yuan for EVs and 22.48 million to 27.08 million yuan for DM [7][9]. - The Tang L EV features a peak charging power of 1000 kW, allowing for a 370 km range boost in just 5 minutes, while the DM version boasts a fuel consumption as low as 4.9 L/100 km [9]. - The Han L model, priced between 19.48 million and 26.48 million yuan for DM and EV versions, offers a peak charging power of 1000 kW and a 0-100 km/h acceleration time of just 2.7 seconds for the EV [10][12]. Group 4: Other Models - The Xiangjie S9, a facelifted model, starts at 30.98 million yuan and features a new brand logo and upgraded driver assistance systems [13][15]. - The Mengshi M817 Hero, priced at 30.19 million yuan, is a luxury off-road SUV developed in collaboration with Huawei, designed for high performance in challenging terrains [16][18].

Group 1: Core Models and Pricing - The 2025 Guangzhou Auto Show features significant model launches, including the Xiaopeng X9 Super Range starting at 309,800 yuan [1] - The Lantu Dreamer Mountain River is positioned as a flagship four-seat MPV with a price of 709,900 yuan [5] - The BYD Tang L is priced between 214,800 yuan and 270,800 yuan for DM and 224,800 yuan to 274,800 yuan for EV [7] - The BYD Han L ranges from 204,800 yuan to 264,800 yuan for EV and 194,800 yuan to 244,800 yuan for DM [10] - The Xiangjie S9 starts at 309,800 yuan [13] - The Hummer M817 Hero version is priced at 301,900 yuan [16] Group 2: Technical Specifications and Features - The Xiaopeng X9 Super Range features a combined CLTC range of 1,602 km and a pure electric range of 452 km, with a fast-charging capability of 313 km in just 10 minutes [3] - The Lantu Dreamer Mountain River integrates advanced safety features, including a 2000 MPa aluminum-silicon coated door beam and a high-strength cage body design [5][6] - The BYD Tang L EV boasts a peak charging power of 1,000 kW, allowing for a 370 km range in just 5 minutes, with a single motor power of 580 kW [9] - The BYD Han L EV also features a peak charging power of 1,000 kW, achieving a 400 km range in 5 minutes, with a single motor power of 580 kW [12] - The Xiangjie S9 includes a new intelligent cockpit with multiple screens and advanced driving assistance systems [15] Group 3: Design and Comfort Features - The Xiaopeng X9 Super Range offers a spacious interior with three rows of electric folding seats and high-quality materials [3] - The Lantu Dreamer Mountain River emphasizes privacy and comfort with features like a full-coverage privacy curtain and a zero-gravity seat design [6] - The BYD Tang L introduces new color options and a high-end intelligent cockpit for enhanced user experience [9] - The BYD Han L incorporates modern aesthetics with new color options and a sporty interior design [12] - The Hummer M817 Hero features a lightweight aluminum structure and advanced off-road capabilities, catering to off-road enthusiasts [18]

Core Viewpoint - The 2025 Guangzhou International Auto Show features a record 93 global debut vehicles, primarily consisting of updated models rather than entirely new launches, with many companies opting to reveal key information closer to the event [1][4]. Group 1: New Vehicle Launches - The auto show showcases a significant number of new models, with domestic brands dominating the lineup, focusing on electric technology and configuration optimization [4][11]. - Notable models include the Lantu Taisan, Xiaopeng X9 extended-range version, and Leapmotor Lafa5, which chose to hold their launch events outside the show [3][4]. - The new Hongmeng Zhixing S9 was launched just before the show, maintaining a starting price of 309,800 yuan, while the top model saw a price reduction of 80,000 yuan [4]. Group 2: Sales and Production Goals - Leapmotor announced that it has exceeded 500,000 cumulative sales for 2025, achieving its annual target ahead of schedule, with plans to aim for 1 million sales in the following year [4][6]. - Lantu's cumulative sales reached 114,200 units by the end of October 2025, marking a significant milestone and aiming for 150,000 units by year-end [8]. Group 3: Technological Advancements - Over 20 models at the show are equipped with Huawei's Drive ADS 4.0, and 35 models utilize CATL batteries, indicating a strong trend towards advanced electric vehicle technology [4]. - Xiaopeng's new extended-range model features a thermal efficiency of 45.5% for its range extender, showcasing advancements in energy efficiency [6]. Group 4: Market Trends - The auto show reflects a broader trend in the Chinese automotive market towards smart and electric vehicle transformation, with both domestic and foreign brands accelerating their efforts in these areas [11]. - Mercedes-Benz introduced its new electric CLA model, priced from 249,800 yuan, as part of a plan to launch 17 electric models in China from 2025 to 2027 [11].